Wednesday, January 10, 2007

NASDAQ Technical Picture - AAPL Frenzy Sparks Tech Rally

The AAPL MacWorld announcements yesterday fueled a mini tech rally today as the $SOX and $GHA rallied 1.76% and 1.36% respectively on the prospect of future business generated through the Apple iphone and Apple TV. Today's gap down open turned out to be a fade and by early afternoon we were breaking through resistance. Will it last? We have more resistance just over head and next week tech earnings' season gets going in earnest (including some big names like INTC, AAPL, LRCX, and IBM) . So we'll soon have a clearer picture.

Initial claims tomorrow at 8:30.

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